Canacol Energy Ltd. reports that the Tamarin 1 exploration well, the first of five exploration wells the Corporation plans to drill in the Caguan - Putumayo Basin of Colombia, is being plugged and abandoned. The Tamarin 1 well was drilled on the Tamarin Exploration and Production (E&P) Contract, where the Corporation holds a 100% operated working interest. The Corporation also has a 100% operated working interest in two offsetting contracts, the Cedrela and Sangretoro E&P Contracts, where the Corporation plans to drill four additional exploration wells prior to mid-year 2012.

The Tamarin 1 exploration well was spud on October 17, 2011 and reached a total depth of 2,774 feet on October 28, 2011 without incident. The primary Mirador sandstone reservoir was encountered as anticipated with approximately 60 feet of porous sandstone, but was wet with only minor oil shows. The well is currently being plugged and abandoned.

The Corporation plans to drill two exploration wells on its Cedrela E&P Contract, followed by two additional wells on its Sangretoro E&P Contract, through to mid-year 2012.

Tags: Canacol Energy Inc.